Gold inches toward crucial 19k level on festival-season buying | business | Hindustan Times
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Gold inches toward crucial 19k level on festival-season buying

Gold rose more close to a crucial Rs 19,000 per ten grams level in its ten-day long rising streak on sustained buying by stockists and jewellers for the ongoing festival season.

business Updated: Aug 21, 2010 15:34 IST

Gold rose more close to a crucial Rs 19,000 per ten grams level in its ten-day long rising streak on sustained buying by stockists and jewellers for the ongoing festival season.

The precious metal gained further by Rs 5 to Rs 18,990 per ten grams on sustained buying, which was further supported on firming global trend.

However, silver remained weak and lost by another Rs 400 to Rs 29,200 per kg on poor demand from industrial units. A weakening global equity market also suggested investors to shift their funds to bullion as a safe hedge.

Gold of 99.9 per cent and 99.5 per cent purity traded marginally higher by Rs 5 each to Rs 18,990 and Rs 18,890 per ten gram respectively. Sovereigns remained flat at Rs 14,800 per piece of eight grams.

On the other hand, silver ready remained under selling pressure on the back of weakening trend in the global markets and dropped further by Rs 400 to Rs 29,200 per kg and weekly-based delivery by Rs 285 to Rs 28,900 per kg.

Silver coins continued to trade on previous level of Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.